Avalon GloboCare Corp (NASDAQ:ALBT) has encouraged its shareholders to vote on a number of key proposals at its upcoming annual meeting to be held on December 29, 2022, at 11am Eastern Time.
Shareholders can vote on a new proposed board composition to reflect the company’s continued US focus and acquisition of Laboratory Services MSO LLC, Avalon said in a statement.
Avalon CEO Dr David Jin highlighted the company’s recently announced acquisition of Laboratory Services, which he said is expected to be highly accretive to earnings and to add strong clinical synergies to the existing Avalon portfolio.
READ: Avalon GloboCare to acquire majority interest in Laboratory Services MSO in 'transformative' deal worth $31M
“In order to better reflect Avalon’s new focus on laboratory services and biotherapeutics, we also decided to cease all operations in the People’s Republic of China with the exception of a small administrative office, Avalon Shanghai,” he said.
He added that the company is restructuring its board and would not be renewing three of its China board members as directors.
“We believe we have multiple upcoming inflection points, which we expect will create significant value for our shareholders in the years ahead and we encourage all shareholders to vote on the outlined proposals in the upcoming annual shareholders meeting as soon as possible,” Jin said.
The annual meeting will be held virtually here.
Avalon GloboCare is a clinical-stage biotechnology company dedicated to developing and delivering innovative, transformative cellular therapeutics, precision diagnostics, and clinical laboratory services.
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